Boehner: There is no deal to avert spending cuts

After a 50-minute meeting at the White House, House Speaker John Boehner told reporters that there is no deal between the White House and Congress on how to avert $85 billion in spendings cuts that will take place Friday.

After a 50-minute meeting at the White House, House Speaker John Boehner told reporters that there is no deal between the White House and Congress on how to avert $85 billion in spendings cuts that will take place Friday.

Boehner, R-Ohio, insisted the House would not agree to any tax increases and said the Senate needs to act.

"The president got his tax hikes on January first. The discussion about revenue, in my view, is over."

President Obama will make a statement to to reporters after meeting with Boehner, House Mionrity Leader Nancy Pelosi, D-Calif., Senate Majority Leader Harry Reid, D-Nev. and Senate Minority Leader Mitch McConnell, R-Ky. None of the others spoke to reporters before leaving the White House.